Ethereum Classic has suffered another 51 percent attack on Thursday morning, resulting in the reorganization of over 4,000 bl ks.
The attacker can reorganize the chains on a decentralized network when they gain over 51 percent of the total hash rate. This can result in rewriting the chain history or even double-spending.
The recent attack on the network was revealed by mining pool operator Italy and crypto exchange Finance – the first have halted all Ethereum Classic payouts for mining, while the exchange has suspended ETC withdrawals and deposits.
Our alert system caught this immediately and automatically halted withdrawals and deposits.
It appears to be a follow up 51% attack.
We will update you as things unfold.
— Finanfinanceance) August 6, 2020
The developers of the crypt urrency also urged the community to raise the confirmation time of any transaction involving Ethereum Classic following the attack.
In light of recent network attacks, it’s recommended that all exchanges, mining pools, and other ETC service providers significantly raise confirmation times on all deposits and incoming transactjoke @okex @binance @HuobiGlobal @hitbtc @coinbase @digifinex @etherchain_org
— Ethereum Classic (@eth_classic) August 6, 2020
The reorganized bl ks have become the longest chain on the network, and the miners are now mining the other shorter version. Hash rate on the Ethereum Classic network also dropped by around 20 percent since the beginning of the week.
A vulnerable bl kchain
Notably, the fresh attack followed similar attackEthernet Etheruem Classic bl kchain between July 29 and August 1.
An analysis published on Wednesday by bl kchain intelligeBigQuery Bitquery detailed that the attacker paid around 17.5 BTC to gain 51 percent hash rate of the bl kchain and double-spent over 800,000 ETC, valued around $5.6 million.
The details of the Thursday morning’s attack, however, is not yet known, meaning it is unclear how much the attacker spent ancryptsany cryptos were double-spent. However, the attacker might have received $93,760 from bl kchain mining rewards alone, given the $23.44 per bl k reward for Ethereum Classic mining.
Despite the attacks, the market value of the crypt urrency did not take any hit as it is being traded sideways without any significant swing.